The United States legislature approved the 2024 budget allocating $841.4 billion for the Department of Defense, continuing a trend of increasing military spending since the 1970s.
Military spending peaked at 3.45% of GDP in 2022, significantly lower than the average of 6 to 7% during the high-spending 1980s, reflecting changing fiscal priorities.
The 1980s experienced the most dramatic rise in military spending, with an increase of 25% in 1982 alone, reflecting the strategic priorities under President Reagan.
The military budget saw significant increases during the Vietnam War, with the early 70s marked by over a 50% increase in spending from 1965.
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